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As hospitals use AI chatbots and algorithms, doctors and nurses say … – The Washington Post

Updated August 10, 2023 at 10:54 a.m. EDT|Published August 10, 2023 at 7:00 a.m. EDT

NEW YORK Every day Bojana Milekic, a critical care doctor at Mount Sinai Hospital, scrolls through a computer screen of patient names, looking at the red numbers beside them a score generated by artificial intelligence to assess who might die.

On a morning in May, the tool flagged a 74-year-old lung patient with a score of .81 far past the .65 score when doctors start to worry. He didnt seem to be in pain, but he gripped his daughters hand as Milekic began to work. She circled his bed, soon spotting the issue: A kinked chest tube was retaining fluid from his lungs, causing his blood oxygen levels to plummet.

After repositioning the tube, his breathing stabilized a simple intervention, Milekic says, that might not have happened without the aid of the computer program.

Milekics morning could be an advertisement for the potential of AI to transform health care. Mount Sinai is among a group of elite hospitals pouring hundreds of millions of dollars into AI software and education, turning their institutions into laboratories for this technology. Theyre buoyed by a growing body of scientific literature, such as a recent study finding AI readings of mammograms detected 20 percent more cases of breast cancer than radiologists along with the conviction that AI is the future of medicine.

Researchers are also working to translate generative AI, which backs tools that can create words, sounds and text, into a hospital setting. Mount Sinai has deployed a group of AI specialists to develop medical tools in-house, which doctors and nurses are testing in clinical care. Transcription software completes billing paperwork; chatbots help craft patient summaries.

But the advances are triggering tension among front-line workers, many of whom fear the technology comes at a strong cost to humans. They worry about the technology making wrong diagnoses, revealing sensitive patient data and becoming an excuse for insurance and hospital administrators to cut staff in the name of innovation and efficiency.

Most of all, they say software cant do the work of a human doctor or nurse.

If we believe that in our most vulnerable moments we want somebody who pays attention to us, Michelle Mahon, the assistant director of nursing practice at the National Nurses United union, said, then we need to be very careful in this moment.

Hospitals have dabbled with AI for decades. In the 1970s, Stanford University researchers created a rudimentary AI system that asked doctors questions about a patients symptoms and provided a diagnosis based on a database of known infections.

In the 1990s and early 2000s, AI algorithms began deciphering complex patterns in X-rays, CT scans and MRI images to spot abnormalities that the human eye might miss.

Several years later, robots fueled with AI vision began operating alongside surgeons. With the advent of electronic medical records, companies incorporated algorithms that scanned troves of patient data to spot trends and commonalities in patients who had certain ailments, and recommend tailored treatments.

As higher computing power has turbocharged AI, algorithms have moved from spotting trends to predicting whether a specific patient will suffer from an ailment. The rise of generative AI has created tools that more closely mimic patient care.

Vijay Pande, a general partner at venture capital firm Andreessen Horowitz, said health care is at a turning point. Theres a lot of excitement about AI right now, he said. The technology has gone from being cute and interesting to where actually [people] can see it being deployed.

In March, the University of Kansas health system started using medical chatbots to automate clinical notes and medical conversations. The Mayo Clinic in Minnesota is using a Google chatbot trained on medical licensing exam questions, called Med-Palm 2, to generate responses to health care questions, summarize clinical documents and organize data, according to a July report in the Wall Street Journal.

Some of these products have already raised eyebrows among elected officials. Sen. Mark R. Warner (D-Va.) on Tuesday urged caution in the rollout of Med-Palm 2, citing repeated inaccuracies in a letter to Google.

While artificial intelligence (AI) undoubtedly holds tremendous potential to improve patient care and health outcomes, I worry that premature deployment of unproven technology could lead to the erosion of trust in our medical professionals and institutions, he said in a statement.

Thomas J. Fuchs, the dean for AI at Mount Sinais Icahn School of Medicine, said it is imperative that research hospitals, which are staffed with pioneering physicians and researchers, act as laboratories to test this technology.

Mount Sinai has taken the premise literally, raising over 100 million dollars through private philanthropy and building research centers and on-site computing facilities. This allows programmers to build AI tools in-house that can be refined based on physician input, used in their hospitals and also sent to places that dont have the money to do similar research.

You cannot transplant people, Fuchs said. But you can transplant knowledge and experience to some degree with these models that then can help physicians in the community.

But Fuchs added that theres enormous amount of hype about AI in medicine right now, and more start-up companies than you can count who like to evangelize to sometimes absurd degrees about the revolutionary powers the technology can hold in medicine. He worries they may create products that make biased diagnoses or put patient data at risk. Strong federal regulation, along with physician oversight, is paramount, he said.

David L. Reich, the president of The Mount Sinai hospital and Mount Sinai Queens, said his hospital has been wanting to use AI more broadly for a few years, but the pandemic delayed its rollout.

Though generative chatbots are becoming popular, Reichs team is focusing mostly on using algorithms. Critical care physicians are piloting predictive software to identify patients who are at risk of issues such as sepsis or falling the kind of software used by Milekic. Radiologists use AI to more accurately spot breast cancer. Nutritionists use AI to flag patients who are likely to be malnourished.

Reich said the ultimate goal is not to replace health workers, but something more simple: getting the right doctor to the right patient at the right time.

But some medical professionals arent as comfortable with the new technology.

Mahon, of National Nurses United, said there is very little empirical evidence to demonstrate AI is actually improving patient care.

We do experiments in this country, we use the clinical trial, but for some reason, these technologies, theyre being given a pass, she said. Theyre being marketed as superior, as ever present, and other types of things that just simply dont bear out in their utilization.

Though AI can analyze troves of data and predict how sick a patient might be, Mahon has often found that these algorithms can get it wrong. Nurses see beyond a patients vital signs, she argues. They see how a patient looks, smell unnatural odors from their body and can use these biological data points as predictors that something might be wrong. AI cant do that, she said.

Some physicians interviewed by Duke University in a May survey expressed reservations AI models might exacerbate existing issues with care, including bias. I dont think we even really have a great understanding of how to measure an algorithms performance, let alone its performance across different race and ethnic groups, one respondent told researchers in the study of caregivers at hospitals including the Mayo Clinic, Kaiser Permanente and the University of California San Francisco.

At a time of severe nursing shortage, Mahon said hospital administrators excitement to incorporate the technology is less about patient outcomes and more about plugging holes and saving costs.

The [health care] industry really is helping people buy into the all the hype, she said, so that they can cut back on their labor without any questions.

Robbie Freeman, Mount Sinais vice president of digital experience, said the hardest parts of getting AI into hospitals are the doctors and nurses themselves. You may have come to work for 20 years and done it one way, he said, and now were coming in and asking you to do it another way.

People may feel like its flavor of the month, he added. They may not fully be bought into the idea of adopting some sort of new practice or tool.

And AI is not always a surefire method for saving time. When Rebecca Brown, a 45-year-old heart patient from Corning, N.Y., was flagged as one of the sickest patients in Mount Sinais critical care ward on a May morning, Milekic went to her room to run an examination.

Milekic quickly saw nothing was out of the ordinary, letting Brown continue eating her peanut butter and jelly sandwich.

Asked whether she would want AI to care for her over a doctor, Browns answer was simple: There is something that technology can never do, and that is be human, she said. "[I] hope that the human touch doesnt go away.

correction

A previous version of this story misstated David L. Reich's position. He is the president of The Mount Sinai hospital and Mount Sinai Queens.

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As hospitals use AI chatbots and algorithms, doctors and nurses say ... - The Washington Post

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The promise and perils of "smart" contracts – Investment Executive

They can decrease counterparty risk, boost productivity, cut expenses, embed compliance rules and controls, and add levels of transparency to multiparty digital agreements, it said which, in turn, promises to make blockchain technology more useful in the real world.

Moodys noted that most blockchains in the decentralized finance sector are using smart contracts to allow market participants to trade, lend and borrow assets without an intermediary.

However, there remain basic obstacles to the use of smart contracts, it said.

To gain acceptance, smart contracts will need improved cybersecurity and legal frameworks that ensure their enforceability, the report said.

In terms of security, a lack of standards for smart contracts creates vulnerabilities for blockchains, Moodys said, including exposure to cyberattacks.

Additionally, regulatory authorities are grappling with the legal implications of smart contracts.

The elements of a traditional legal contract that make it enforceable, such as an offer, acceptance and consideration, have been particularly difficult to unbundle in smart contracts, the report said. The automatic execution and immutability of smart contracts makes it hard to resolve disputes, it added.

Its also difficult for a person whos not a coder to determine whether a smart contract has been set up properly.

Ultimately, Moodys said the legality of smart contracts is one of the toughest problems for authorities. Without legal certainty, it will be difficult for smart contracts to replace traditional legal agreements, it said.

Some governments and regulatory bodies are adapting existing legal frameworks to financial transactions involving digital assets and smart contracts by incorporating new concepts unique to decentralized finance, it said.

If industry-wide technology standards that make smart contracts secure are developed, and if legal frameworks are in place ensuring smart contracts enforceability, the financial sector may also have to change to accommodate a much more automated way of doing business, the report concluded.

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Cube3.ai Raises $8.2 Million to Protect Smart Contracts from … – Clayton County Register

Cube3.ai, a crypto-centric security startup, has secured $8.2 million in seed funding to enhance web3 security and raise awareness about the risks associated with weak transaction security. The funding round received contributions from several investors, including Dispersion Capital, Symbolic Capital, Hypersphere Ventures, ICLUB, and TA Ventures.

Cube3.ai employs machine learning technology to detect and prevent fraudulent transactions on various blockchains in real-time. Currently, the company provides protection for Ethereum, BNB Smart Chain, Arbitrum, and Polygon blockchains, with plans to add support for Avalanche later this month.

The companys offerings can be divided into three key categories: Detect, Protect, and Manage. The Detect application assesses each smart contract, wallet, and transaction for cyber risks, fraud, and compliance. In the event of a suspicious transaction, the algorithm notifies the business, allowing them to block the transaction using a smart contract.

The Protect function monitors the smart contract code layer, user interface, and external entities that pose a higher risk than what the organization can tolerate.

With the Manage functionality, protocols can track wallets, access analytics and data, and send notifications using third-party applications.

Cube3.ais solution enables smart contract deployers to prevent malicious transactions in real-time, ensuring the normal functionality of their apps while effectively addressing security issues. The company also commits to collaborating with clients to prioritize new features and improve its machine learning algorithms through consultations and ethical hacking.

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How blockchain is helping Northern Trust self-execute contracts – American Banker

Northern Trust's use of smart contracts is part of a trend. JPMorgan Chase has incorporated them in its blockchain projects, and just this week PayPal integrated them in its new stablecoin project.

Mark Elias/Bloomberg News

When Northern Trust executives think about smart contracts, they see better products and money saved.

The blockchain-based contracts partly cut out the role of third parties in enforcing legal contracts, boosting productivity by around 20% on simple deals and up to 70% on more complex ones, said Justin Chapman, Northern Trust's head of digital assets and financial markets. What's more, the programs allow the Chicago-based bank to store and repurpose data from past transactions. That helps make other deals happen seamlessly, he said.

Northern Trust is part of a trend: JPMorgan Chase has incorporated smart contracts in its blockchain projects, and just this week PayPal integrated them in its new stablecoin project. Meanwhile,Alenka Grealish, senior analyst at Celent, said she has been working with other financial institutions to use smart contracts on permissioned blockchains in supply chains, environmental-social-governance matters and trade finance.

Todd McDonald, co-founder of the enterprise vendor r3, said that he has yet to find a sector in the financial services area without an internal use case for smart contracts.

"This is part of a broader discussion on the future of finance," said R.A. Farrokhnia, a professor at Columbia Business School who studies fintech. "Who's going to be left behind, who's gonna do it right and what it takes for you to disrupt your own organization."

The contracts cut out middlemen. That's why they became central to the decentralized finance, or defi, movement that helped popularize them. But they predate that trend. And, with more crypto providers sinking in legal troubles, they may be set to outlast it.

The $156.8 billion-asset Northern Trust entered the digital arena in 2017, when it developed a regulator-approved blockchain network for private equity fund administration.Monthsbefore it transferred that network to Broadridge Financial Servicesin 2019, it started using smart contracts to capture and automate the legal terms attached to asset transfers.

"Smart contracts are a representation of a traditional contract," Chapman said. "You are capturing the definition of the asset itself, the issuance of the asset and the issuing process through a smart contract, and you're entering [that information] onto a register for onward transactions to happen on it."

That boosts productivity. But Chapman said the biggest benefit is in research and development.

"What you tend to find is that the insights are stronger," Chapman said. "You see an enhanced product. If we have a business idea or a problem, we can repurpose different types of smart contracts for different purposes."

Another upshot is that deals on shared networks are more transparent to the parties involved, Chapman said, even while that has taken getting clients to understand how to interpret legal clauses in code.

"We don't get as many challenges or questions as we used to," Chapman said. "Smart contracts are just a code conversion from a written set of documentation. They're nothing too complicated."

With the Chicago-based bank expecting that 5%-10% of all funds will be tokenized by 2030, the computer programs have become critical to its plans for the digital age.

"The smart contract is the entry point to the new ecosystems and environments as we see them," Chapman said.

In 2020, Northern Trust also began exploring bond tokenization and fractionalization agreements, a year before it helped launch the crypto asset custodian Zodia Custody. It has since also become a participant in Swift's digital-asset project.

Northern Trust had $14.5 trillion of assets under custody/administration and $1.4 trillion of assets under management at June 30. Those client-asset categories are drivers of its largest segment of fee income, the company said in its second-quarter earnings news release.

Smart contracts pose one big problem: They're prone to hacks.

"Historically, we've seen in the industry, [that] the smart contract could be the weakest point, particularly as the code point," Chapman said. "We have taken on additional cadence [to address that risk]."

When the bank first started using smart contracts, most were based on infamously fraud-prone defi protocols. That required them to recode contracts built on public networks, said Arijit Das, senior vice president in digital asset innovation technology at Northern Trust.

"Most public smart contract standards did not cater to the privacy needs of closed networks," Das said. "The implementers of smart contracts had to code these privacy and security needs into the smart contract logic."

Northern Trust soon developed its own system on hyper-ledger fabric technology with smart contracts coded in Golang, Google's open-source programming language. That, along with recent fintech strides to pioneer smart contract languages that are more secure, has made the programs safer. To double-check smart contracts' cyber protections and avoid fat-finger mistakes, the bank has also introduced an internal audit system.

"We see activity in this space as the industry has recognized the need to solve the problem of privacy for all chains," Das said. "A lot more attention is focused on the needs of large, private permissioned systems with institutional participants."

But some experts think there may need to be even more protections in place before smart contracts can be safely integrated into traditional financial services.

That includes placing a "pause" button often called an "article" in case one party encounters a hiccup or needs to renegotiate the deal, said Hillary J. Allen, professor at American University College of Law.

Other risks involve human error, picking the wrong coding languages,or trouble in sourcing external data,said Monica Summerville, head of capital markets at Celent.

Then there are also unresolved questions over who bears liability for any legal issues the contracts cause. "I would say the safer rule is that if it's your system, you own it," Allen said.

Banks should also beware that smart contracts, while traceable, are irreversible. That means that they can fail to account for unwanted eventualities that leave parties unable to overwrite prior terms. At Northern Trust, there is often no way to reverse smart contracts, though the bank can layer other contracts on top of them to override the previous terms, Chapman said.

"What if these things work exactly like they're supposed to, and we still don't want that?" Allen asked. "Sometimes there will be situations where you want some flexibility and discretion. There's no discretion. That's sort of touted as a feature, not a bug. But I wonder if it's a bug."

Tech tailwinds are nonetheless pushing financial institutions toward the blockchain, and with it, smart contracts.

But the switch to digital assets is going to be harder than the one from fax machines to email servers, Farrokhnia said. That could be a problem for banks withtechnology architectures that don't integrate with blockchain servers or executives who aren't up to date on the new technology.

"The learning curve was relatively easy, and it didn't require banks to change their entire systems. Blockchain is the exact opposite," Farrokhnia said. "How do you still, run the company the way you've been running it, but in an alternate universe?"

To avoid being left behind in an advancing tech race, financial institutions may need to start catching up. They can start by watching the fintech scene, Farrokhnia said.

"Ensure that you have your pulse on the market," he said. "Startups are very good at innovation. But big banks are good at distribution. If you marry the two, then you have something powerful."

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NuCypher’s Integration with Blockchain: Securing Smart Contract Data – Business Post Nigeria

In todays digital landscape, blockchain technology has emerged as a revolutionary force, transforming various industries and providing secure and transparent solutions. With the rapid growth of decentralized applications (dApps) and smart contracts, the need for robust data security and privacy measures has become paramount. This is where NuCypher, in collaboration with Bitcoin Era which is an Online trading platform, comes into play, offering a cutting-edge solution for securing smart contract data on the blockchain.

NuCypher is a decentralized threshold cryptography network that prioritizes data privacy and secure sharing on public blockchains. It achieves this through the use of proxy re-encryption, a cryptographic technique that allows encrypted data to be accessed and shared securely without compromising its integrity. This makes NuCypher an ideal solution for protecting sensitive information within smart contracts.

By integrating with NuCypher, developers and users gain access to a powerful framework that safeguards sensitive data within smart contracts. Proxy re-encryption enables authorized individuals or entities to delegate access to encrypted data, ensuring that only those with the proper permissions can decrypt and view it. This delegation mechanism enhances security, as the original data remains encrypted and protected against unauthorized access. NuCyphers decentralized nature, with independent nodes executing proxy re-encryption operations, further strengthens its security and privacy measures.

By integrating NuCypher into blockchain networks, developers and businesses can enhance the security and privacy of their smart contract data. Lets delve deeper into how NuCypher achieves this:

NuCypher utilizes sophisticated encryption algorithms to guarantee the security and confidentiality of data transferred within smart contracts. By implementing this approach, NuCypher effectively safeguards against unauthorized access and potential data breaches, thereby providing a robust layer of protection for sensitive information. This ensures that only authorized parties can access and utilize the data, maintaining the integrity and privacy of the smart contract ecosystem.

NuCypher provides developers with the ability to incorporate fine-grained access controls, enabling them to specify which individuals or entities can access particular encrypted data. By utilizing this feature, the privacy of smart contract data is significantly improved, as only authorized parties possess the capability to decrypt and utilize the information effectively.

NuCypher possesses a remarkable capability to dynamically delegate access to encrypted data, distinguishing it as one of its standout features. This functionality empowers users to grant or revoke access permissions in real time, offering them unparalleled flexibility and control throughout the entire data-sharing process.

NuCypher utilizes a decentralized key management system, ensuring that encryption keys are stored securely and protected from single points of failure. This enhances the resilience and reliability of the overall system.

By employing Byzantine fault tolerance, NuCypher is capable of withstanding malicious attacks or network disruptions, maintaining the integrity and security of smart contract data even in adverse conditions.

The integration of NuCypher with blockchain technology opens up a world of possibilities across various sectors. Here are some notable use cases:

In the healthcare industry, protecting patient data is of utmost importance. By leveraging NuCyphers secure data-sharing capabilities, medical records and sensitive information can be stored on the blockchain while maintaining privacy and compliance.

Smart contracts have revolutionized the finance sector by enabling secure and automated transactions. With NuCyphers integration, financial institutions can ensure that sensitive financial data, such as transaction details and account balances, remains confidential and tamper-proof.

NuCyphers data encryption and access control features can play a vital role in supply chain management. By securing critical information such as inventory data, shipment details, and vendor contracts, organizations can mitigate the risk of unauthorized access and data manipulation.

Protecting intellectual property is crucial for creators and innovators. By utilizing NuCyphers secure data sharing capabilities, artists, writers, and inventors can protect their works while securely licensing and sharing them on blockchain platforms.

In conclusion, NuCyphers integration with blockchain technology brings a new level of security and privacy to smart contract data. By leveraging advanced encryption techniques, access controls, and decentralized key management, NuCypher offers a robust solution for safeguarding sensitive information in various industries.

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Microsoft partners with Aptos blockchain to marry AI and web3 – TechCrunch

Artificial intelligence has captured the hearts, minds and wallets of the technology industry. So its little surprise that Microsoft, which has several irons in the AI fire, is working to expand its footprint in the area. On Wednesday, the company announced that it is partnering with layer-1 blockchain Aptos Labs to work on AI and web3.

The primary focus for both of us is solving our respective industries problems, Mo Shaikh, co-founder and CEO of Aptos Labs, told TechCrunch+.

The collaboration allows Microsofts AI models to be trained using Aptos verified blockchain information, Shaikh explained. Aptos will also run validator nodes for its blockchain on Microsofts Azure cloud, which it anticipates will bring greater reliability and security to its service.

Microsoft is also looking to the future. We predict that AI will be infused into web3 solutions at greater scale in the coming months and years, Daniel An, global director of business development for AI and web3 at Microsoft, said in an email to TechCrunch+.

Theres little doubt that AI is having a massive impact on society. We can become incredibly efficient in using these tools every day in our lives, Shaikh said. Whether its searching and putting together an index of the best restaurants in your neighborhood or helping you write code for your job or research.

For technologists AI aspirations to come true, there is a growing need for transparency, trust and verification of AI-generated content, An said. For example, how do we know that LLM-generated outputs are authentic [and] trustworthy? How do we know that the training data is bias free in the first place? Blockchain-based solutions can help with verifying, time-stamping and attributing content to its source, thereby improving credibility in a distributed digital economy.

An compares large language models to content creators on steroids and blockchains as a yardstick for transparency and trust. To help people become more comfortable with AI and LLMs more specifically companies have to make sure users trust how the technology works. The openness and immutability of blockchain can improve the trust that people place in AI-generated content and provide confidence that theyre making the right decisions.

AI needs to evolve responsibly, and web3 could help it earn the required credibility, Shaikh said. Everything we capture onchain is verified and that verification can [help] train these models in a way that youre relying on credible information.

Microsofts interest is in having credible information to train models in a way thats verifiable, which is where Aptos can fit in, Shaikh said. In order to do that you need an incredibly performant blockchain with high throughput.

The throughput of Aptos blockchain can support up to 160,000 transactions per second and has a goal of reaching the ability to handle hundreds of thousands by the end of the year, Shaikh said. It also ranks as one of the fastest blockchain networks, alongside Avalanche, with a time-to-finality of less than one second, according to Messari research.

With fast throughput, quick settlement times and a cost to use at a fraction of a cent, Aptos blockchain may have all three things needed to make it attractive to Big Tech companies interested in building AI-related products and services like Microsoft.

Helping mature tech companies use web3 tech to delve deeper into AI may assist those companies getting deeper into the blockchain realm. A major impediment to onboarding more developers into web3 today is how hard it is to write safe and secure smart contracts because its not super intuitive, An said.

If you want to come and write a smart contract or development application, its difficult to do that today, Shaikh said. But applications like the GitHub Copilot integration, which supports blockchain-based contract development, and Aptos Assistant, an AI chatbot that aims to bridge Web 2.0 and web3, could help non-web3-native companies access smart contracts and other decentralized tech.

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Deep Dive: The Number 1 Crypto to Buy Today is… – CryptoTicker.io – Bitcoin Price, Ethereum Price & Crypto News

Amongst the myriad of cryptocurrencies available, if one were to pinpoint the most promising, Ethereum undoubtedly emerges as the top contender. However, its vital to underscore the importance of due diligence before any investment. Cryptocurrencies are not merely digital assets; they offer a unique value proposition in both political and evolutionary contexts.

Historically, cryptocurrencies were envisioned as tools for attaining financial autonomy, enabling direct transactions that bypass institutional gatekeepers. Picture this: a person in Brazil can seamlessly transfer funds to someone in Switzerland without the oversight of a New York-based entity. This is the profound change cryptocurrencies bring, propelling the journey from theism to humanism, and now to data-ism.

Bitcoin, lauded as the prototype, has paved the way for an even more transformative wave of digital currencies. Cryptocurrencies hold the promise to revolutionize industries globally, and Ethereum is poised to spearhead this transformation. Some enthusiasts dub Ethereum as Bitcoin 2.0, but such a title barely scratches the surface of its capabilities.

Vitalik Buterin, Ethereums creator, likens calling Ethereum Bitcoin 2.0 to labeling a smartphone merely as an advanced pocket calculator. Ethereums functionality transcends that of Bitcoin. Its a platform where basic contracts, such as creating a new cryptocurrency with a predetermined supply, can be executed within minutes. Once such a contract is deployed, it gains global recognition on the blockchain, immune to censorship or destruction.

One might wonder about the buzz around smart contracts. In essence, smart contracts automate and enforce contractual terms without intermediaries. They are akin to ancient artifacts preserved in amber, becoming immutable once recorded on the blockchain. Nick Szabo, a pivotal figure in the development of smart contracts, described them as promises, specified in digital form. A simple transaction on the Bitcoin blockchain can be viewed as a rudimentary smart contract.

Ethereums versatility allows for an array of applications. From facilitating digital collectibles to serving as the foundation for decentralized applications (dapps), its potential is boundless. Ethereum could be the backbone for decentralized versions of platforms like Airbnb and Uber. Imagine a world where platforms like YouTube and Facebook operate peer-to-peer, rewarding users directly for ads, free from centralized control.

Ethereums ecosystem is powered by its native tokens, often referred to as ether. These tokens act as fuel, motivating developers to produce efficient applications while ensuring contributors to the network are duly rewarded. The more robust and diverse the applications on Ethereum, the higher its intrinsic value.

Is Shiba Inu bullish? Will Shiba Inu prices continue to go up? Let's analye in this Shiba Inu price analysis

The Base platform is set to offer an array of features to its users. In this article, we talk about

Behind this meteoric SHIB price stands 1 buzzword: Shibarium. What happened to Shibarium? Let's dive into this Shibarium update article.

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Navigating financial markets on Blockchain and smart contracts – Cyprus Mail

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Is Ethereum Price Stagnating due to ETH 2.0 Staking? – BeInCrypto

Ethereum 2.0 staking skyrocketed after the successful Shanghai upgrade, sending ETH price to a 2023 peak of $2,120 on April 17. On-chain data examines the negative correlation emerging between smart contract deposits and the ETH price.

The much-anticipated Shanghai upgrade went live on April 12, marking Ethereums full transition to the Proof of Stake (PoS) consensus mechanism. As the crypto market momentum cooled in Q2, ETH holders began to stake their coins for passive income rather than perform productive DeFi transactional activity.

Now, 4 months later, it appears that the ongoing, unprecedented rise in ETH 2.0 staking has started negatively impacting the Ethereum price.

Ethereums transition to the PoS consensus has triggered an astronomic rise in the ETH staking. According to data from Glassnode, about 37.8 million ETH (31.4% of the total circulating supply) is now locked up in DeFi smart contracts.

Typically, increased staking is often bullish for price. But worryingly, with more than 30% of the ETH supply now locked up, the chart below illustrates an emerging adverse effect.

Between July 25 and August 10, Ethereum Supply in Smart Contracts nominally increased from 31.08% to 31.4%. This saw another 432,547 ETH worth approximately $800 million temporarily removed from the global market supply.

In reaction, Ethereum price has remained relatively stagnant, hovering between the 2% price boundary, around $1,850 and $1,890, during that period.

Supply in Smart Contracts tracks the total percentage of the assets circulating supply currently locked up in DeFi staking protocols. In the short-term, increased staking can be bullish, as it secures the network and temporarily mops up excess market supply.

However, it could lead to a drastic change in investor behavior in the long term. According to official data from Ethereum mainnet, 22.9 million or 60.58% of the total 37.8 million ETH staked are currently deposited in ETH 2.0 staking contracts.

This depicts a significant change in Ethereum investors behavior. With the current APR of 4.3%, investors now appear to prefer ETH 2.0 staking to DeFi protocols.

This effectively means that investors inadvertently deprive DeFi protocols built on the Ethereum network of much-needed liquidity and funding. If this trend continues, ETH prices could stagnate in a vicious cycle of utility decline.

Furthermore, the volume of transactional activity on the Ethereum network has declined since March 2023. This also validates of the emerging negative impacts of Ethereum 2.0 staking on ETH price.

The Santiment chart below shows how ETH Transaction Volume has further dropped in August. Evidently so, between August 1 and August 6, it dropped by 62% from 2.53 million ETH to 955,000 ETH transacted.

Although it has since recovered slightly to hit 1.77 million ETH on August 9, this is still far off last months peak of 3 million ETH transacted on July 14.

Transaction Volume evaluates changes in the overall economic activity on a blockchain network. It is often bearish when it persistently declines over an extended period, as observed above.

In conclusion, it appears the heightened ETH 2.0 staking has caused a decline in the overall economic activity on the Ethereum network.If this pattern persists, ETH prices could grow increasingly sticky over time.

Considering ETH 2.0 stakings negative impacts identified above, ETHs short-term price action could remain neutral.

The In/Out of Money (IOMAP) data shows the distribution of current ETH token holders within the 20% price range. It also corroborates the prediction that the Ethereum price could continue hovering below $1,900.

At that zone, 8.94 million wallets had bought 36.16 million ETH coins at a minimum price of $1,904. If they decide to exit their positions after breaking even, the ETH price will likely retrace.

Conversely, the bears will struggle to force a downswing below $1,700. As seen above, a cluster of 7.32 million holders had bought 9.8 million ETH at the maximum price of $1,841.

They could mount a formidable support buy wall to avoid slipping into a net-loss position. But if that support level cannot hold, ETH could drop toward $1,650.

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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Is Ethereum Price Stagnating due to ETH 2.0 Staking? - BeInCrypto

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Obvious launches a Smart contract wallet on Ethereum, that enables users to pay gas fees in a token of their choice with its intuitive mobile app,…

Obvious, a mobile-based, multichain smart contract wallet is pleased to announce the launch of an Account Abstraction-based Smart Contract wallet powered by Biconomy Account Abstraction Stack. Smart contract wallets are blockchain wallets that use the functionalities of Smart contracts on the blockchain.

Traditional wallets or EOA wallets use private keys, allowing users to access and manage their funds. In contrast, smart contract wallets add an additional layer of functionality by integrating programmable logic. This logic allows for the automation of transactions, the implementation of customized rules, and the facilitation of complex financial interactions.

Obvious is one of the first wallets to use the new technology made possible by EIP-4337 and bring a smart contract wallet to multiple chains on the Ethereum ecosystem. Since the launch of its wallet in May, more than 10,000 wallets have been created on the Obvious app.

What is EIP-4337 and its significance? EIP-4337 is an improvement proposal passed by the Ethereum community that enables the benefits of Account Abstraction without changing the consensus layer. This enables anyone to create contract accounts on Ethereum.

Accounts created using Account Abstraction are called smart Contract wallets. They provide greater security and flexibility to users as they are based on a smart contract rather than a private key and are made possible by the ERC-4337 protocol. This provides enhanced security and customizations, as the risk of private key exposure reduces.

With its new smart contract wallet, Obvious has enabled 'Pay Any' as a core feature. This enables users to pay blockchain transaction fees known as 'gas fees' in a token of their choice. This eliminates the inconvenience faced by many users when transacting on crypto wallets as transactions often get blocked due to insufficient balance of tokens needed to complete the transaction.

Obvious is committing to several consumer focussed features for its smart contract roadmap in 2023. Pradeep BV, CPO and Co-founder of Obvious said, ''Smart contract wallets bring us close to modern bank accounts, in fact, a step ahead. The ability to customize the wallet based on user needs is really exciting. Some of the features that are expected to be released include setting spending limits, 2FA on transactions, the ability to batch transactions, and support for more chains in the EVM ecosystem.'' Himanshu Retarekar, CEO and Co-founder of Obvious added, ''At Obvious we are committed to bringing the best user experience for everyone on the blockchain. Account Abstraction has the potential to massively simplify the user experience for people in crypto and blockchain and help onboard millions to the ecosystem. We are excited to be one of the first ones to power this movement, especially on mobile. We are just getting started, and there is a lot more to come from Obvious in the future.Biconomy has been a really great partner for us in this endeavor. '' About Obvious Obvious is a mobile-based self-custody wallet that brings together assets across EVM & non-EVM chains and powers your cross-chain transactions by providing you safe, fast, and affordable bridging & swapping routes within the app. Obvious Wallet is one of the best apps out there for your multi-chain experience with its exceptional user experience and a wide variety of features in its mobile app. Obvious is mobile-first and is designed for experiencing crypto on the go. Launched in January 2023 by a team of ex Yahoo, Flipkart, Ola, Swiggy, Grab executives, Obvious (https://obvious.technology) is available to users worldwide on the app store and play store and has users from 100+ countries, using the Obvious app for their wallet needs.

About the executive team: Himanshu Retarekar | Co-founder, CEO | himanshu@obvious.technology Himanshu is a serial entrepreneur, with 14+ years of Engineering experience leading engineering teams at the top startups across India. His last stint was as VP of Engineering at Freight Tiger. Prior to that, he was the Director of Engineering at Ola for consumer apps. He has had multiple entrepreneurial stints and sold his last startup to Ola.

Ex - Freight Tiger, Olacabs, Citrix https://twitter.com/hretarekar | https://www.linkedin.com/in/hretarekar/ Jebu Ittiachen | Co-founder, CTO | jebu@obvious.technology Jebu leads all things tech at Obvious. He has been a serial tech entrepreneur and has 25+ years of experience in tech. He has worked at major tech companies in various roles. He was also the Architect at Ola cabs and Chief Architect at Freight tiger before starting Obvious. He has substantial experience in the crypto space and understands blockchain at a fundamental level.

Ex - Freight Tiger, Olacabs, Yahoo, Infosys https://twitter.com/jebui | https://www.linkedin.com/in/jebuittiachen/ Pradeep Banavara | Co-founder, CPO | pradeep@obvious.technology Pradeep leads all things product and community at Obvious. He has been a serial entrepreneur and has 20+ years of experience in product, strategy & growth. Pradeep has led product teams at top startups across India and South East Asia, most recently at Swiggy. He has also started up multiple ventures and has a deep understanding of building consumer apps for billions of people.

Ex - Swiggy, Grab, Olacabs, Flipkart, Yahoo https://twitter.com/pradeepbv | https://www.linkedin.com/in/pradeepbv/ More Information https://www.obvious.technology/blogs/best-smart-contract-wallet-for-ethereum-ecosystem Contact: Aayush Mittal, Obvious aayush@obvious.technology Photo: https://mma.prnewswire.com/media/2169061/Obvious.jpg

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